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The Cube, Birmingham

Tristan’s EPISO 3 Fund acquires The Cube in Birmingham

The EPISO 3 Fund advised by Tristan Capital Partners has acquired Birmingham’s “The Cube” building from Aruna Projects at a price reflecting a net initial yield of 8.42 per cent.

The deal comes just days after the fund held its first capital closing on commitments of EUR170m.

The European Property Investors Special Opportunities 3 (EPISO3) Fund is targeting a total equity volume of EUR750m, but completed an early first close on 6 December to secure its exclusivity on The Cube transaction and on a second deal in Germany, which is expected to be finalised shortly.

Cameron Spry, head of investments at Tristan Capital, says: “The Cube is a good fit for EPISO3’s strategy of targeting properties with the potential for producing strong value added/opportunistic investment returns with astute asset management and on the back of our conviction that currently depressed European economies will recover over time.”
The Cube is a 215,785 square-foot mixed-use building consisting of office, retail, residential, hotel, leisure, and car parking space in the Westside district of central Birmingham. The property was built in 2010 and designed by architect Ken Shuttleworth, a former partner at Foster and Partners.

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